Haivision Systems (HAI) Q1 2026 earnings summary

Executive summary

• Achieved 25.1% year-over-year revenue growth in Q1 2026, reaching CAD 35.2 million, driven by increased demand, transition to proprietary products, and strong product launches like Kraken X1 and Falkon X2.

• Adjusted EBITDA rose 369% year-over-year to CAD 2.6 million (7.5% margin), with margin expansion and cost optimization initiatives.

• Operating loss narrowed to CAD 200,000, a CAD 2 million improvement from the prior year.

• Mission-critical markets (defense, security, broadcast) and transition from integrator to manufacturer are driving long-term growth.

• Multiple industry awards and official partnerships, including Minor League Baseball, highlight product leadership.

Financial highlights

• Q1 2026 revenue: CAD 35.2 million, up CAD 7.1 million (25.1%) year-over-year.

• Adjusted EBITDA: CAD 2.6 million (7.5% margin), up from CAD 600,000 (2% margin) last year.

• Gross margin: 70.5%, down 150 bps year-over-year due to product mix.

• Cash balance: CAD 17 million at quarter-end; total assets of CAD 138.7 million.

• Total expenses increased by CAD 2.6 million to CAD 25 million, mainly due to higher compensation and R&D.

Outlook and guidance

• Fiscal 2026 revenue guidance reaffirmed at CAD 150 million+.

• Expecting double-digit revenue and EBITDA growth for 2026, targeting 20% EBITDA in 2027.

• Anticipate stronger second half of 2026, with Q4 expected to be particularly robust.

• Operating expenses expected to remain flat due to cost optimization.

• Recurring revenue targeted to reach one-third of total revenue over time.